December 17, 2019

Foreign Property Ownership in Turkey

Property Turkey

According to the official report of Turkey, in 2018, the foreigners purchase 40000 homes all
over the Turkey. In recent years, the country has enjoyed a great increases in the property
sales. The last year, 40,000 homes have been bought by foreigners and has been the
greatest success in the field till date. This highlights the importance of Turkey as safe,
secure or of more of an ideal destination.

The to an all-time high as the country enjoyed a staggering increase in house sales.
Foreigners of many nationalities purchased 40,000 homes, making it the most successful
year to date, and combined with existing foreign owners the market proved itself as an ideal
destination in which to buy.

While the current lucrative exchange rate can take credit for some interest, it was an
overhaul in red tape and procedures that captured the market’s eye, as Turkey made it
easier and safe to purchase.

Both residential and commercial properties are proving to be winners with overseas buyers,
and so far, in 2019, the trend looks set to continue as more nationalities buy in hotspots like
Istanbul, Antalya, Bursa, Fethiye, Izmir and Yalova.

For overseas buyers thinking of entering the Turkish real estate market, our blog articles
have plenty of ideas of where to buy. As an experienced agent covering many destinations
in Turkey, we also guide all our customers through the buying process.

Contact us to know more about our services, but in the meantime, let’s look at current rules
and regulations governing the Turkish housing market, and what overseas buyers can
expect when signing on the dotted line.

Foreign Property Ownership in Turkey

Property ownership for foreign house buyers is regulated under the land registry law. This
outlines a foreigner can buy up to 30,000 square meters. They can also buy a home in up to
10% surface area of an official district. They cannot buy within any military zone.

Who can Buy Property in Turkey?

Turkey has dropped its reciprocal law, saying only nationalities who live in countries where
Turks live may buy. When they did this, it opened the market up to most of the world,
including Indians, Chinese, Russians, Americans, Middle Eastern and Europeans. To
double check your nationality and whether there are any restrictions, call us on the number
listed on the website or use the chat messaging feature, however rest assured, most of the
world can legally buy in Turkey.

Is It Safe to Buy Property in Turkey?

Yes, it is safe to buy Turkish property, if you follow the system which has been tightened in
the last five years to protect buyers’ investments. Given the country enjoys a high amount of
foreign real estate sales that boost its economy with FDI, they don’t want to risk getting a
bad name.

The processes set in place to help buyers include only using a registered estate agent. We
have heard many stories of people who say, well we knew him for years and thought he
was a friend. No matter how close your friendship is, stick to the book, and only send
money via official bank transactions, outlined in your formal notarised contract.

Always use an English-speaking lawyer that knows Turkish real estate laws and processes
and will act in your best interests. Also, use one acting independent from the seller. Their
job is to ensure all legalities are in order, for example, making sure there is no debt on the
house because this will prohibit the deeds from being signed over.

Only sign the contract when you are confident to do so because there are many properties
to choose from, whether they be off-plan, key ready or resale homes. We don’t rush our
clients, because as a long term established estate agent with plans to operate for many
years to come, we want to build professional relationships. It is also better word-of-mouth
advertising for us. The home buying process is much quicker than in countries like the UK,
but don’t make a rush decision. Take your time.

It is also reassuring to know, house buyers who do not speak the language must use a
certified translator, registered with the land registry office. This ensures when signing for
your title deeds, you can be confident that you are getting what you paid for.

The Turkish Citizenship by Investment Program

After Turkey dropped its citizenship by investment entry level, a flurry of interest sparked.
The law says that if a buyer meets specific criteria, they can get Turkish citizenship. The
most popular method for foreigners doing this is to buy real estate with a minimum value of
250,000 USD and to keep it for three years. Find out more about Turkish citizenship by
investment process here.

Foreign Ownership: What Happens After You Buy?

Working: Buying property doesn’t entitle you to work. To do so, you need to apply for a
working permit or the citizenship investment scheme. (Guide to working in Turkey as a
foreigner.)

Living Here all Year Round: If you plan to live in Turkey, you need a residence visa. Read
our advice on making a move and applying for that.

Renting Out Your Home: Many people buy with an aim of rent out their properties either
for holiday rentals to cover running costs or long term as a buy-to-let income. Read about
the rules, regulations, and how to be a successful landlord.

How to Buy Turkish Real Estate

The first step is to find a new home. View our portfolio listing many apartments and villas for
sale in Turkey. Also download our app from Google Play or Apple that alongside property
listings contains more advice, hints, and tips.

Each listing includes pictures, floor plans where available, and extensive information about
the location, and the home itself. To arrange viewing times and dates, contact us or fill in
the enquiry form on each page.

Once you have found the home you like, the start of eight-stage progress will begin, from
drawing up contracts to signing for title deeds. Read in-depth about that, in this article
covering the Turkish house buying process. Alternatively, if you have any further questions
about foreign property ownership in Turkey, call us so we can help guide you in making a
sound real estate investment.

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